Regardless of your age or where you are in your career, it is never too early to begin thinking about or planning for retirement.
The Simmons University Defined Contribution Retirement Plan (DC Plan) assists with securing your future by helping you reach important financial goals for retirement with 1st day eligibility for our Benefit-Eligible Faculty and Staff.
Eligible employees can have 3% of base salary deducted each pay period. All of your contributions are fully vested (meaning you own the money in your retirement plan at all times). There is no matching contribution from Simmons.
To supplement your retirement savings goals eligible employees can also voluntarily save on a pre-tax basis into a Tax Deferred Annuity Plan (a 403(b) Plan) up to limits allowed by the IRS.
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In the Defined Contribution Plan, eligible employees can save 3% of base salary deducted (pre-tax) each pay period. Your personal contributions are fully vested immediately (meaning you own the money in your retirement plan at all times). There is no matching contribution from Simmons.
To supplement your retirement savings goals, eligible employees can also voluntarily save on a pre-tax basis into a Tax-Deferred Annuity Plan (a 403(b) Plan) up to amounts allowed for by the IRS. You can participate in the Plan upon hire. Unlike other benefit plans, you can enroll in the plan at any time during the year. You also have the flexibility to change your contribution amounts through Workday (instructions are available in the “starting or changing contribution” section below) any time during the year. Since these are all employee contributions, you are fully vested in this Plan at any time.
In CY2020, you can contribute up to $19,500 into the TDA Plan and the Defined Contribution Plan combined. Employees over age 50, or turning age 50 in 2020, can contribute an additional $6,500 into their TDA plan. Please note that the IRS limits apply to all contributions you make from your paycheck, including prior/other employer plans, in the current calendar year.
Investment allocation changes for the plans above are made directly through TIAA.
After you have the retirement plan(s) set up with TIAA,
The Retirement Plan Oversight Committee serves as the administrator of Simmons University’s retirement plans in accordance with the Employee Retirement Income Security Act (ERISA). The Committee has a number of responsibilities as outlined in the Simmons University Retirement Plan Charter. One of its primary duties is to select and monitor the investment options and fund managers under the Plan. The Committee meets regularly to review overall plan design and the performance of funds.